A Section 32 and Vendors Statement are actually the same thing. It was formerly known as a Section 32 but changed to a Vendors Statement in 2014. We will discuss this further and refer it to it’s newly updated name ‘Vendor’s Statement’.
The Vendors Statement outlines the information a property seller must provide prospective buyers, such as the name of the relevant planning scheme and details of any undischarged mortgages or charges applying to the land. This information is provided in a section 32 statement.
A Vendor’s Statement will include a detailed amount of information. Some of the more noted topics content are:
- The vendor’s details
- Details of the property title
- Information regarding building permits
- Particulars of owner-builder warranty insurance
- Written restrictions – covenants, easements etc
- Planning information and road access
- Connected services
- Outgoings of the property
- Statutory warnings to the purchaser
When buying an off-the-plan residential property, we recommend seeking legal advise before proceeding. They will work through and explain the content in both the Contract of Sale and the Vendor’s Statement,
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
Mar 2018
